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Jefferson Security Bank Announces Earnings for the First Quarter of 2007

April 24, 2007 - Jefferson Security Bank Announces Earnings for the First Quarter of 2007

Shepherdstown, West Virginia; April 24, 2007

President and CEO of Jefferson Security Bank (OTCBB: JFWV), K. Stephen Morris, announced the results of operations for the first quarter of 2007 and commented, “First quarter 2007 net income of $622,056 ($2.07 per share) declined $45,844 ($0.16 per share) from net income for the first quarter of 2006 of $667,900 ($2.23 per share). Since March 31, 2006, we opened two new offices and incurred increased operating expenses. The Board of Directors made the decision to open both offices during 2006 fully aware that there would be an impact on the Bank’s earnings. We anticipate that both of these offices will become contributors to net income soon and will contribute to the long-term growth of Jefferson Security Bank. We currently project a marginal increase in net income for the year ending December 31, 2007.”

Total assets for the bank as of March 31, 2007 were $247.4 million, which is an increase of $8.3 million or 3.5% from total assets as of December 31, 2006 of $239.1 million. Loans, net of reserve, as of March 31, 2007 were $165.2 million, which is an increase of $2.3 million or 1.4% from loans, net of reserve, as of December 31, 2006 of $162.9 million. Deposits as of March 31, 2007 were $218.3 million which is an increase of $400 thousand or 0.2% from deposits as of December 31, 2006 of $217.9 million. The return on average assets was 1.01%, and the return on average equity was 14.07% for the quarter ended March 31, 2007, as compared to a return on average assets of 1.14% and a return on average equity of 16.07% for the quarter ended March 31, 2006. At March 31, 2007, net loans to deposits were 75.7% as compared to 74.7% at December 31, 2006. Book value per share as of March 31, 2007 was $59.56 per share, an increase of $1.99 per share or 3.5% from book value per share of $57.57 as of December 31, 2006.

Jefferson Security Bank, founded in 1869, is a community bank engaged in the general banking business in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. The Bank currently has six offices.

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